as a result of antitrust here in the u.s., a americaning of the two equity platforms of nasdaq and nyc. nyc kept as it, and my reporting is, let's call it september or so, right at the end of the summer, early fall, an overture was made to the nyc about a potential deal. discussions continued at that point and continued for a number of month ending with this morning's announcement from the two of them that they did in fact have a deal. fair >> david, what i'm hearing is that the cme group wanted to offer an even higher bid for the new york stock exchange. however, with this clearing agreement that the nyse has agreed to with i.c.e., that's probably not going to happen at this point, this is the deal that nyc is going to go with because apparently cme approached the ceo in the last couple of months, but it was probably too late. the nyc went ahead with i.c.e. and had been too further along. the question now, bob pisani, what happens with the other exchanges, hong kong, nasdaq? what are we seeing next in terms of the next target in the exchange space? >> well, at the very least, it's helped i